Some Americans may remember the words of New York Gov. Jimmy McMillan: rent is still “too high“- with the latest rental data showing a 17% increase in major U.S. cities over the past year. Tenants paid an average monthly rent of $ 1,807 in March, according to Realtor.com.
This double-digit increase even outpaced an 8.5% increase in consumer prices over the same period, with inflation has reached its 40-year high largely due to higher costs at the gas station.
The increase in rent varies greatly depending on the location. For example, the average rent in the Detroit area was $ 1,360 a month in March, down 1% from a year ago, according to Realtor.com, which calculated national rents. averaging the 50 largest metropolitan areas in the U.S.
At the other end of the spectrum is the Tampa region of Florida, where the average rent is $ 2,114, or 31% more than in March 2021.
The lack of new construction and corporate owners contributing to the increase in rent
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Some cities have been affected by the shift to remote work and the migration of workers to cheaper places. Take San Francisco and San Jose, two California tech industry markets known for expensive housing. Compared to two years ago, as the pandemic hit, rents for smaller units have dropped. Many technology workers moved from these cities once companies moved to remote work at the beginning of the period. COVID-19[feminine] crisis.
“Although rents in technology markets have risen successfully since their overall decline in COVID, they are still lagging behind the national growth rate by 9.4 percentage points, suggesting that tenants continue to prefer to live in other cheaper parts of the country, ”the real estate agent explains. .com pointed to its findings.
Studio rentals in Chicago, San Francisco, San Jose, and Washington, DC, are still below their pre-pandemic levels, with Chicago and San Francisco more than 10 percent below where they were before. the pandemic, according to the study.
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